Coinspeaker
Stacks (STX ($0.85)) Jumps 17% in 24 Hours as Weekly Gains Touch 50%: What’s Going On?

Bitcoin layer-2 protocol Stacks (STX) has recorded a 50% value gain over the past seven days. At the time of writing, STX is trading near $0.88, up by over 17% in the last 24 hours.

The token’s market capitalization has swelled by around $45 million this week, reaching $1.35 billion, according to CoinMarketCap.

The sharp rally comes as crypto custody provider BitGo announced on April 22 that it will integrate sBTC, Stacks’ synthetic Bitcoin derivative pegged 1:1 to BTC ($94,054.00), into its platform.

This move allows BitGo clients to generate yields using Bitcoin, without compromising its security or decentralization principles. The addition of yield-bearing sBTC to BitGo’s custodial services is expected to attract institutional interest by bridging Bitcoin’s liquidity with the Stacks DeFi ecosystem.

Notably, the withdrawal functionality for sBTC is scheduled for April 30, enabling institutions to seamlessly switch between BTC and sBTC.

Liquidity Increase Across the Stacks Ecosystem

Meanwhile, Stacks has recently seen an increase in liquidity within its DeFi ecosystem. According to the prot...